In fact, from my personal perspective, both $STRC and $SATA have their own paradox.

Because all the dividends have nothing to do with Bitcoin itself, they almost entirely come from financing. When financing is unfavorable, $BTC has to be sold. In other words, the source of dividends is unrelated to BTC, the profits are not generated by BTC, but the risks come from BTC.

So the essence of STRC and SATA is both bullish on Bitcoin. Since it's bullish on Bitcoin, why not buy BTC instead of buying a yield-generating product that is completely unrelated to BTC?

Moreover, these two yield products can only generate a positive feedback loop when the price of Bitcoin rises; they perform worse during sideways movements, and if Bitcoin is falling, financing becomes difficult, and dividends may experience delays.

However, if BTC rises, holding STRC and SATA only yields 1X% annualized returns, whereas buying BTC would yield more.

This is the biggest issue with STRC and SATA: they don't perform as well as BTC when it rises, and they cannot escape BTC's credit risk when it falls. Both stocks sacrifice BTC's upside potential in exchange for fixed cash flow, but this fixed cash flow must rely on BTC rising and continuous financing from the capital market to sustain it.

This is the biggest paradox.

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